1 Years Of Funding Face Up To The Central Bank Interest Rate Rose 2%&Nbsp; Interest Rate Signal Is Not Strong.

The forced interest rate finally forced the central bank to raise the interest rate of the 1 - year central bank.

Yesterday, the issuance rate of the 1 - year central bank issued 8 basis points to 2%, breaking the steady situation for 18 weeks in a row.

Analysts believe that the upward trend of the 1 year central bank's interest rate is to narrow the gap with the capital interest rate as soon as possible, and the interest rate signals conveyed are not strong enough.

　　市場倒逼1年期央票利率上行

The central bank yesterday issued a 15 billion yuan 1 year central bank ticket in the interbank market, issuing interest rates of 2.0096%, up 8.32 basis points from last week.

On that day, the central bank did not buy repo operations.

For the 1 years of the central bank's interest rate upward 8 basis points, the market is also quite surprised.

A large state-owned bond trader said that although the current repurchase rate and short-term interest rates are relatively high, the pressure on the 1 year central bank interest rate, but the 1 year central bank ticket is a key variety of indicators, and its interest rate suddenly increased by 8 basis points, or "quite unexpected."

After March, the issuance rate of the central bank has risen for two consecutive weeks, with a cumulative increase of 8 basis points, while the 1 year central bank rate is still sticking to 1.9264%.

This also allows the market to enhance the expected interest rate for the 1 - year central bank.

However, there is no sign of any relief from the capital side and the interest rate of funds continues to rise. The interest rate of the 1 year fixed rate of fixed votes may be even more embarrassing.

Yesterday, the Bank of China will issue 40 billion convertible bonds, and the interbank market capital interest rate is rising again.

Overnight repurchase weighted interest rates rose 37.33 basis points to 2.7401%, and 7 day repurchase weighted interest rates rose sharply to 67.67 basis points to 3.1902%, respectively, which were higher than the 1 year central bank rate 74 and 119 basis points respectively.

Accordingly, analysts believe that the inter-bank market funds tense situation will not be significantly alleviated in the short term.

Affected by the upward impact of the central bank's interest rate, the bond market interest rate rose yesterday, and the middle and long end generally went up 3~5 basis points, while the 1 year central bank's two market interest rate rose to near 2.19%, and it still had nearly 20 basis points hanging upside down with the primary market.

"Next week's 1 year interest rate on the central bank is likely to continue."

A joint-stock bank bond trader said that the interest rate of the 1 - year central bank may be two steps in place and stabilize at around 2.1%.

　　加息信號不強

There is a lot of speculation about the break of the 1 year central bank interest rate deadlock, but most analysts believe it is a tight cash market and a result of the two tier market, rather than a sign that monetary policy will further tighten.

"At present, the interest rate of the 1 year central bank is still quite short from the 2.25% year 1 time deposit rate, and the actual impact is not big."

The joint-stock bank traders said their upside "is not a sign of an interest rate increase".

The above-mentioned big state-owned people also believe that the possibility of raising interest rates in the near future is low.

On the one hand, the risk of the "two bottom" of the external economy has not been ruled out, but on the other hand, domestic inflation pressure is facing increasing trend. Therefore, whether monetary policy continues to be tight or loose remains to be further clarified by the economic situation.

According to Anxin securities, the central bank's interest rate uplifting in this context may be mainly for the purpose of balancing the use of open market operation tools, and avoiding the excessive return of liquidity to the longest term 3 year central bank ticket varieties.